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All prices as of 6:30 am Central Time

• Corn is trading lower this morning giving back some of yesterday’s gains in turn around Tuesday action, but yesterday’s crop progress report showed that more planting has been completed than expected. Corn futures remain above their 100-day moving averages.
• Yesterday afternoon, the USDA released its Crop Progress report which showed that 70% of the corn crop has been planted which compares to the trade guess of 68% and the 5-year average of 71%. 40% of the crop is emerged which compares to the 5-year average of 39%.
• Yesterday’s export inspections for corn were good with the numbers in line with the average needed to meet the USDA’s export estimate. 47.4 mb were inspected which puts total inspections up 29% from last year.

• Soybeans are trading lower this morning as well and at this point have given back about half of yesterday’s gains along with corn and wheat. Both soybean meal and oil are trading lower as well.
• Yesterday’s Crop Progress report showed that soybeans were 52% planted which compares to the average trade guess of 49% and the 5-year average of 49%. Planting pace is now ahead of the 5-year average, and 26% of the crop is emerged which is ahead of schedule as well.
• In Argentina, many farmers are holding out on sales for higher prices as rains drench the crop in Rio Grande do Sul. An estimated 31% of the country’s production which has been forecast at 49.7 mmt has been sold which is the slowest pace since 2014/2015.

• Wheat is mixed this morning with Chicago trading slightly higher but KC and Minneapolis trading slightly lower. This follows yesterday’s crop progress which showed conditions slipping a bit.
• 49% of the winter wheat crop has been rated good to excellent which compares to the average trade guess of 51% and 50% last week. 69% of the crop is headed which compares to 57% a week ago and the 5-year average of 57%.
• In spring wheat, 79% of the crop is estimated to be planted which was ahead of the average trade guess of 76% and well above the 5-year average of 65%. 43% of the crop is emerged which compares to 25% a week ago and the 5-year average of 33%.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• July corn is trading a few cents higher this morning, between its 50-day moving average just below its low at 451 1/2 and its 100-day moving average providing resistance at the high of 455 1/2.  
• This afternoon, the USDA will issue its weekly crop progress report. Corn planting is estimated to be about 73 – 76% complete. It is expected that there could be between 10 – 12 million acres planted after May 20, increasing risk from potential heat and dryness.
• Mexico is experiencing drought, and some think this could increase their import demand from the US.
• Friday Commitment of Traders information was released by the CFTC, showing Managed funds covered just over 31,000 contracts the week prior. As of Tuesday May 14, they show a net short position of 71,171 contracts.

• Soybeans are leading the soybean complex higher this morning as they follow through on Friday’s strength. Both meal and oil are showing minor gains of just $0.10 and 0.08 cents respectively.
• In this afternoon’s USDA crop progress report, soybean planting is expected to have progressed to 45 – 47% complete. More rain this week could slow progress.
• China has been a healthy buyer of Brazilian soybeans. Recent purchases have increased Brazil’s export prices, though they remain significantly below US offers.
• So far China has not been named as a buyer of any new crop US soybeans, though last week 60,000 mt were sold to “unknown destinations” which are often later switched to China.
• Between May 8 and May 14, the CFTC reported that Managed funds net sold a mere 582 contracts. Their net short position as of May 14, is just over 42,000 contracts.

• The wheat complex is higher this morning led by Chicago and KC as all three classes trade near the top of their respective ranges.
• Over the weekend, there were some severe storms that went through the Plains may have caused some damage, with more heavy rain expected, though it is expected to miss much of the drier Southwestern areas. 
• The market continues to absorb news regarding the state of Russia’s wheat crop. The Russian Union of Grain Exporters estimate that Russia’s wheat exports could total 46.9 million metric tons, 5.1 mmt lower than the USDA’s current estimate. The group also estimates the wheat crop at 86.8 mmt versus the USDA’s 88 mmt. 
• CFTC data on Friday revealed that Managed funds net bought about 14,100 contracts of Chicago wheat between May 8 and May 14, which brought their net short position as of May 14 to 28,251 contracts. For comparison, as of April 16, Managed funds were net short 96,400 contracts.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning after prices reversed yesterday afternoon and closed lower. The 10-day weather forecast is showing multiple systems moving through the Corn Belt, but the coverage may not be as heavy as previously thought.
• The continuation of wet weather throughout this week will likely lead to more planting delays, and although work is getting done in some areas, this Monday’s crop progress report will likely still show planting pace behind the 5-year average.
• Estimates for today’s corn export sales are in a range between 700k and 1,200k tons with the average guess at 903k. This would compare to 938k tons a week ago.

• Soybeans are trading a bit higher this morning after posting losses yesterday as a result of a disappointing NOPA crush report. Soybean meal is slightly lower this morning while soybean oil is higher.
• Yesterday, private exporters reported a sale of 180,000 mt of soybeans for delivery to unknown destinations. While not guaranteed, unknown is often China, and this would be encouraging given the fear of retaliation for the new tariffs.
• Estimates for today’s export sales report show soybean sales in a range between 300k and 800k tons with the average guess at 495k tons. This would be slightly above last week’s 434k tons.

• All three wheat classes are trading higher this morning with KC leading the way. The focus this week seems to be on global weather and the damage done to the Russian wheat crop by frosts.
• In Kansas, the Wheat Quality Council has completed its tour of the state and has estimated the average yield at 46.5 bpa which is above the USDA’s estimate last week of 38 bpa. Last year’s crop tour had an estimate of 30 bpa for Kansas.
• Russia has said that the country has lost 830,000 hectares  or over 20 million acres of sowing due to the frosts. This represents about 1% of the total growing area.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning after prices reversed yesterday afternoon and closed lower. The 10-day weather forecast is showing multiple systems moving through the Corn Belt, but the coverage may not be as heavy as previously thought.
• The continuation of wet weather throughout this week will likely lead to more planting delays, and although work is getting done in some areas, this Monday’s crop progress report will likely still show planting pace behind the 5-year average.
• Estimates for today’s corn export sales are in a range between 700k and 1,200k tons with the average guess at 903k. This would compare to 938k tons a week ago.

•  Soybeans are trading a bit higher this morning after posting losses yesterday as a result of a disappointing NOPA crush report. Soybean meal is slightly lower this morning while soybean oil is higher.
• Yesterday, private exporters reported a sale of 180,000 mt of soybeans for delivery to unknown destinations. While not guaranteed, unknown is often China, and this would be encouraging given the fear of retaliation for the new tariffs.
• Estimates for today’s export sales report show soybean sales in a range between 300k and 800k tons with the average guess at 495k tons. This would be slightly above last week’s 434k tons.

• All three wheat classes are trading higher this morning with KC wheat leading the way and all wheat contracts well above their 200-day moving averages. Weather issues in Russia have been supportive.
• Consultancy group Cefetra has lowered its estimate for the Russian wheat crop to 86 mmt citing unseasonable frosts and inclement weather. This is a 7 mmt cut from the companies previous estimates. They see exports at 46.1 mmt but have the potential to fall if weather does not improve.
• Estimates for today’s export sales report have wheat sales in a range between 150k and 600k tons with the average guess being 373k tons. This would compare to last week’s 447k tons.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after facing pressure yesterday, and the December contract is now trading above the 200-day moving average. Corn remains in an upward trend as rains slow planting.
• This morning, forecasts are pointing to three larger rain systems that are expected to move through the Corn Belt over the next 10 days. Corn plantings are already 11% behind a year ago at this time.
• Yesterday, CONAB released its estimates for the Brazilian corn crop, and production was lowered to 111.6 mmt citing lower yields but expanded planted acreage. This is much lower than the USDA’s last guess of 122 mmt.

• Soybeans are higher this morning and are recovering from yesterday’s losses that were caused by sharply lower soybean oil. Both soybean meal and oil are higher now, and both July and November soybeans are trading above their 100-day moving averages.
• Yesterday, new tariffs were placed on Chinese goods such as computer chips, minerals, and EV’s. This caused concerns over retaliation from China in the way of fewer imports of US soybeans, and there was disappointment that used cooking oil was not included in the tariffs.
• Soybean crush from April is seen at 185.5 million bushels according to a Bloomberg survey which would be 7.1% higher than crush a year ago at this time but would be down 5.5% from a month ago. 

• All three wheat classes are trading higher this morning with Chicago leading the way higher as support comes from worries over Russian production as wheat growing areas in the country struggle with frost. In the US, winter wheat yields may be improving.
• Yesterday, crop scouts on the crop tour saw that wheat yields in Kansas achieve a 3-year high at around 49.9 bpa thanks to favorable weather. This estimate was up from the 5-year average of 42.7 bpa and would be well above last year.
• SovEcon has lowered its estimate for the 2024 Russian wheat crop to 85.7 mmt citing losses from unseasonable frost and also reporting that about 1 million of all crops may need to be replanted. This new estimate compares to the previous one of 89.6 mmt.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after Monday afternoon’s crop progress data and a precipitation outlook that points towards a continued wet Corn Belt.
• The US corn crop was estimated to be 49% planted as of Sunday May 12th, this was a 13% jump from the week prior but is 5% behind the five-year average and 11% behind last years pace. 
• Planting progress in Illinois advanced just 10% last week to come in at 42% overall, this is well behind the five-year average of 56%. Planting is also behind schedule in Iowa where 57% was planted as of Sunday, 13% behind the five-year average. Showers moved through Illinois and Iowa to start the week with more moisture forecasted over the coming week.
• The US corn crop was 23% emerged as of Sunday May 12th, this was a 11% jump from last week and is 2% ahead of the five-year average.

• Soybeans are trading lower this morning with pressure from sharply lower soybean oil futures.
• The US soybean crop was estimated to be 35% planted as of Sunday May 12th, this was 10% higher than the last week and 1% ahead of the five-year average.
• The US soybean crop was 16% emerged as of Sunday May 12th, this is 6% ahead of the five-year average and 1% behind this same week last year.
• Soybean oil has rallied recently on rumors that the Biden administration might include used cooking oil in a new list of proposed Chinese tariffs. The list released late Monday did not include the used cooking oil from China that has been used by the renewable diesel industry over US soybean oil as of late. 

• All three wheat classes are trading near unchanged this morning after Monday’s sharp rally in prices.
• Wheat continues to find support from worries of production losses in Russia and the Black Sea region as well as the projection for world wheat supplies among major exporting countries to come in at 17-year lows in 2024/25 according to the USDA’s May WASDE. 
• 50% of the US winter wheat crop was in good to excellent condition as of Sunday May 12th, this was equal to last week’s rating but still well ahead of last year when just 29% of the crop was rated in the same category.
• 61% of the US spring wheat crop was planted as of Sunday May 12th according to the USDA. This was up 14% from last week and 15% ahead of the five-year average.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• Corn is trading lower this morning after Friday’s gains that followed a bullish USDA report. Futures remain above the 100-day moving average and the December contract is approaching the 200-day which could act as resistance.
• While planting progress has certainly been delayed due to recent rains, a good amount of work seems to have gotten done over the weekend in areas that were a bit more dry. This afternoon’s crop progress report will likely still show that planting is behind the 5-year moving average.
• Friday’s CFTC report showed funds buying back over half of their net short position in a big move. They bought back 115,527 contracts which now leaves them net short 102,513 contracts. 

• Soybeans are trading lower this morning with pressure from lower soybean meal while soybean oil trends higher. July soybeans have settled down back at their 100-day moving average while November remains above it.
• Friday’s WASDE report was basically neutral for soybeans, but they got a boost from sharply higher soybean oil and friendly numbers for corn and wheat. Once again, the USDA was very conservative with adjusting Brazilian production and only lowered it by 1 mmt. CONAB maintains a much lower estimate that will be updated today.
•  Friday’s CFTC report showed funds covering a huge portion of their short position buying back 107,783 contracts which leaves them net short just 41,453 contracts. That short covering resulted in a rally of about a dollar.

• All three wheat classes are trading slightly higher this morning despite lower corn and soybeans. Wheat is benefitting from more frosts reported in Russia last week, concerning global weather in wheat growing regions, and a friendly USDA report last week.
• Friday’s WASDE report showed that old crop ending stocks fell slightly due to an increase in exports, that new crop stocks would be smaller than expected due to lower acreage, and lower world ending stocks due to higher demand and trade which offset the higher production estimate.
• As of May 7, funds bought back 5,506 contracts of wheat which leaves them net short 42,360 contracts. The combined short position across the ag complex has shrunken significantly over the past week.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after two consecutively lower closes, but remains in an upward trend from February. July corn closed slightly below the 100-day moving average yesterday but is back above it this morning. Higher wheat prices are likely supporting corn.
• In Brazil, the forecast for the central and northern regions of the country is showing above normal temperatures with little to no rain over the next week which could damage the crop. Argentina is also struggling with its corn crop due to the leafhopper bugs.
• In today’s report, expectations are that old crop stocks will fall slightly to 2.098 billion bushels, that new crop production will be pegged at 14.9 bb which would be down from last year, and that South American production will be revised lower.

• Soybeans are trading higher this morning, but similar to corn were down for two trading days in a row which saw July futures fall below the 100-day moving average. Both soybean meal and oil are slightly higher this morning.
• The flooding in Rio Grande do Sul remains a large problem for the soybeans that were not harvested and will likely show a loss in production which could have been soybeans that were destined to be exported to Argentina to be crushed.
• Estimates for today’s WASDE report are calling for old crop ending stocks to be mostly unchanged at 341 mb while new crop production estimates are around 4.43 billion bushels which would be up from last year. As in corn, South American production is expected to be lowered.

• All three wheat classes are trading higher this morning as prices consolidate above the 200-day moving average. There have been concerns over Russia’s wheat crop and the early frosts occurring there which could cause yields to fall.
• Argentina’s 24/25 wheat production is expected to rise by 20% to 18.1 mmt as a result of expanded acreage by 5.2% and beneficial rains that have put the farmland in a good position ahead of planting according to the Buenos Aires Grain Exchange.
• Estimates for today’s report are expected to show that old crop ending stocks will be lowered by around 11 mb to 689 mb, and that all new crop wheat production will be around 1.895 bb which would be higher than last year.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• Corn is trading higher this morning which has put the July contract back above the 100-day moving average. Yesterday, that average acted as support when prices slipped. With futures overbought yesterday and the USDA report coming up tomorrow, some farmer selling and fund positioning were likely taking place.
• Estimates for tomorrow’s report show the 23/24 ending stocks to fall by 28 mb to 2.094 bb, and we will also get a look at estimates for the 24/25 crop which are expected around 2.282 bb. Argentina and Brazil’s corn crops are both expected to be revised lower.
• Delays in planting progress, especially in the eastern Corn Belt have been supportive. Last week’s delay’s have put progress behind the 5-year average pace, and this week of more delays will likely show that the US is further behind when the crop progress is released this coming Monday.

• Soybeans are trading higher this morning and are bull spread with the majority of gains in the nearby months. All soybean contracts remain firmly above their 100-day moving averages and are in upward trends. Soybean meal is higher this morning while soybean oil is slightly lower.
• The average trade guess for 23/24 US soybean ending stocks in Friday’s WASDE report remains at 341 million bushels, mostly unchanged from the 340 mb in the April report. The US 24/25 new crop soybean carry out is estimated to come in around 439 mb, a nearly 100 mb increase from this year, using a 52 bpa yield. 
• In Brazil, there remain large issues regarding the soybeans which have not been harvested and remain in the fields due to severe flooding in Rio Grande do Sul. The extent of the damage is yet unknown, but that state is a key exporter of soybeans and could impact exports to Argentina. 

• All three wheat classes are trading higher this morning with KC wheat leading the way higher. Chicago and KC wheat are trading firmly above their 200-day averages for the first time since July of last year. Support is coming from poor global weather.
• Russia, who is easily the worlds number one provider of wheat, has been hit by frosts over the weekend which have reportedly done more damage to the crop than initially thought. Analysts are reporting that due to the frost, this year’s production will be “well below” last year’s numbers.
• For tomorrow’s WASDE report, analysts are expecting that the 23/24 ending stocks will fall slightly, that new crop wheat will be estimated at 1.895 billion bushels for all wheat, and that world wheat stocks will fall slightly.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 6:30 am Central Time

• July corn is trading a bit lower this morning as it chops around in a tight 1 3/4 cent range and traders begin squaring positions ahead of Thursday’s May USDA WASDE report.
• Friday the USDA will release its May WASDE report, which will also be the first look at this year’s 24/25 production. The average trade guess for 23/24 US old crop corn ending stocks is 2.094 billion bushels, 28 mb less than April’s estimate on higher ethanol production. Whereas US 24/25 new crop corn ending stocks are estimated to come in at 2.282 bb, using a 180.7 bpa yield.
• A South American crop analyst is estimating Brazil’s corn crop to be 112 mmt, significantly lower than last month’s USDA estimate of 124 mmt. They are also lowered their estimate of Argentina’s corn crop by 2 mmt to 47 mmt versus the USDA’s April 55 mmt estimate. With the USDA’s estimates so high relative to others, the trade will be looking to see how much the USDA lowers their estimate of Brazil’s corn crop to narrow the gap.
• Managed funds were net sellers of 1,000 corn contracts yesterday and are now estimated to be short 200,000 contracts. 

• Soybeans are lower across the board, with July soybeans trading about 4 cents off their lows in an 8 1/2 cent range. Meal and oil are following through on yesterday’s action with meal higher and oil lower.
• The average trade guess for 23/24 US soybean ending stocks in Friday’s WASDE report stands at 341 million bushels, mostly unchanged from the 340 mb in the April report. US 24/25 new crop soybean carry out is estimated to come in around 439 mb, a nearly 100 mb increase from this year, using a 52 bpa yield. 
• Estimates of crop losses in S. Brazil may be easing from earlier fears with some now estimating those losses as little as 1 mmt tons versus upwards of 5 mmt previously. One South American crop analyst is estimating Brazil’s crop at 147 mmt versus the USDA’s 155 mmt from April. They are also estimating Argentina’s crop to be 51 mmt, just over the USDA’s April estimate of 50 mmt. 
• Yesterday Managed funds were active sellers in the soybean market selling an estimated 2,000, which brings their estimated short position to 117,000 contracts. It is also estimated that they sold 2,000 contracts of meal while buying 2,000 bean oil contracts, bringing their estimated positions to a net long 58,000 meal contracts and short 62,000 soybean oil.

• KC wheat is leading the wheat complex lower again this morning as all three classes see follow through selling on yesterday’s weakness, and better chances for rainfall in southwestern Plains this weekend through next week.
• In Friday’s WASDE report, the average trade guess for the US 23/24 wheat ending stocks is looking for just a 3 mb decrease from last month to 695 mb. Though the trade is anticipating much larger US production for 24/25 new crop, 1.895 billion bushels for all wheat, with 782 mb in ending stocks.
• Managed funds were relatively small but active sellers yesterday in Chicago wheat. It’s estimated that they sold 2,000 contracts, bringing their estimated net short position to 30,000 contracts of Chicago wheat.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.